Tuesday, December 13, 2011
ONG: Crude Oil Daily Technical Outlook For Tuesday Dec. 13th
In the bigger picture, fall from 114.83 has finished at 74.95 already. The structure suggests it's merely a correction or part of a consolidation pattern. Hence, rise from 33.2 is not finished yet. As long as 89.16/17 support holds, we'd favor a break of 114.83 resistance to resume the rally from 33.2. However, break of 89.16/17 will indicate that rebound from 74.95 has completed and whole fall from 114.83 is possibly resuming for another below 74.95.
Nymex Crude Oil Continuous Contract 4 Hour, Daily, Weekly and Monthly Charts
Gold’s 4th Wave Consolidation Nears Completion and Breakout